Huw Jenkins to become Newport County owner after winning key vote

The Exiles have been Trust-owned since 2015 but that is set to change in the next two months after a special general meeting at Rodney Parade.

Former Swansea City chairman Jenkins addressed Trust members after being chosen as the preferred bidder for a takeover.

His proposal needed to get 75 per cent of votes and there 464 votes, of which 455 were in favour. Eight were against and there was one spoilt paper.

Huw Jenkins watching County take on Bradford at Rodney Parade (Image: Huw Evans Agency)

The process of transferring 52 per cent of shares to Jenkins, for an initial investment of £500,000, will now begin while he goes through EFL checks, something that he should cruise through with his past involvement with the Swans.

The Trust will retain 27 per cent of shares with 21 per cent owned by around 600 supporters, most going back to the formation of the Exiles in 1989.

The current board will stand down en bloc after Jenkins’ takeover is completed, although the owner-elect has stated that the new board will feature two places for the Trust.

County will hope that the change of ownership model will allow them to survive and thrive as a Football League club.

They posted a loss of £1.2million for the year ending June, 2022 with accounts revealing liabilities of £393,634.

With the League Two club operating with structural losses of around £300,000 a year, the board made it clear they feel that a change of ownership model was required to survive against clubs with much deeper pockets.

Jenkins addressed supporters in a Q&A at Rodney Parade, outlining his vision for the club.

"I've been out of football for a few years and was waiting for the opportunity," he said.

"It's about finding a challenge and club in a position to go forward. I love that challenge of proving people wrong and finding different ways of working."